What the Indian Law firms get out of the LPO boom
Although it is still a growing industry in India, the LPO industry is expected to fetch an approximate value of about 20 billion dollars by the end of 2015. the biggest driving force for the success of most law school is probably the fact that Legal Process Outsourcing units absorbs most of the law graduates that are churned out by our law schools every year. According to some recent studies by Nasscom, around 700 or more Indian lawyers are presently reaping the benefits of the LPO boom. From documenting and debating the glittering fallouts of globalization to family disputes, and from patents entertainment to Pharma issues, many of the big Multinational Companies in the United States and Europe have increasingly begun to outsource their legal requirements to many of the Indian law firms in Mumbai, Bangalore, Noida and Gurgaon. Today, Legal Process Outsourcing or LPO?s are probably one of the hottest topics of conversation in many of the law firms around the world. Like many of the Business Process Outsourcing activities, the Indian legal services are also extremely efficient and affordable. Legal outsourcing to places like India first started out as low-end work that mostly involved transcription. But this is all a thing of the past. Today, all kinds of legal services are being outsourced to India ? from patent application drafting to legal research, from pre-litigation documentation to advising clients, from analyzing drafted documents to writing software licensing agreements and even drafting distribution agreements. Currently, there are somewhere around a 100 small as well as large law firms in India that cater exclusively to clients in the US, UK as well as Europe. Apart from going through patent applications, Indian lawyers are also responsible for preparing pleadings and for providing back-up support for all kinds of searches including litigation-related searches. When the issue of competence is brought into question, Indian lawyers deliver nothing but the best. Apart from being second to none, outsourcing also works out to be cheaper by almost a fourth for a foreign firm to get a certain legal service done in an Indian law firm as compared to outsourcing it to a US law firm. Taking all of these factors into consideration, it is more than obvious that most of the India law firms are indeed flourishing under the LPO regime.
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